Topic: Most P2P occured on WhatsApp, Telegram and everywhere on the streets (Read 179 times)

The dollar will always rise above the total expenditures but we should also try on our ends to boost our confidence of appreciating our currency towards the dollar. I think it's cooperative connect that will make us achieve this. P2P occurred on platforms that's easily to compact information between one another. The Nigeria governmental system have been corrupted and these men in power will do anything within their reach to subdue Nigerians to their very taste.

Omo no be small thing we go play if this thing actually come through especially for the aspect of scammers, even now wey some CEX still dey try their best to regulate transaction through P2P, people still dey find wey dem wan take scam person and this thing nearly happen to me today sef as the vendor dey claim to have actually sent payment and claimed that banks are not working because of some sort of shutdown but I no fear because say I never actually release coins but if na all these Whatsapp group Omo who knows watin fit play out .

The government might delist NGN on all centralized p2p exchanges but there is going to be an excape route for Nigerians to trade but might be quite risky.Platforms like Whatsapp, telegram and so on can be used to trade Bitcoin and other cryptos if mutual trust among members of the platform are solid.
For Nigeria to be one of the top leading countries promoting the use of Bitcoin and other cryptos transactions, alternatives will definitely come from enthusiast.The things is if the government happens to delist NGN on all p2p exchanges and other platform are used to continue trading, please know your vendor as we all know that any transaction made cannot be reversed so we should be mindful on how we deal with vendors.

He is saying the truth on trading on other platforms apart from exchanges. The reason why he came out to say this, is to let the government to know that delisting Naira from exchanges will not solve the problem or change anything, because there are platforms that are not exchanges that you can still trade bitcoin.

Nigerians have no option than to use any service available, if FG finally delist Naira from all the exchanges which we are using. When that time come, we go cross the bridge. No problem without solution, but na only Nigeria problem come be like say no solution.

I don’t see the Meaning of what they are doing, this is wickedness and bad government of a country because if not they will not put eyes on what the youths are using to survive, it has reach the level that I have not seen any country that the leaders are very wicked pass Nigeria, we don’t want each other to progress , all they want is for the youths to become their slave, I don’t know how my other colleagues but for me all this they are doing is not for the benefit of the country, it’s for their own benefit, they are trying to steal what the youths have work for and no matter how they try the youths will survive because even the God know how the youths suffer to reach the level they are today.

A country where they are not work for the graduates, a country where thousands graduate did not have work, also a country where every young citizen dream will never come true, there are many ways for the government to make things better but they will not follow it, instead they will be looking for a way to steal the citizens property and add it to their own and be making an excuse that they will make a country look better, if we look at all this things that they are about to do they don’t have any reason for doing it, they are just doing it for their benefit and if any have a better reason to say what is happening is good I will like to hear and understand.

Additional to this, government should realized that the rising to the increasing exchange rate of naira to dollar is because of the too much dependance of the country's economy on foreign affairs, most of the Nigerians students prefers to travel abroad for education, the Nigerian government itself depends on international medical supports for medicines and other equipment in which they can survived without the use of dollar exchange rate, trading or the crypto platforms aren't the reason to the increasing rate of exchange of naira to dollar, instead the poor economy and high dependencies on international importations.

I gree say di former CEO of paxful, fit to de exaggerate di correct figure of di p2p wey de happen outside of di centralized exchanges for Nigeria, based on say data no de to confirm weda na true. But di truth of di matter wey de obvious be say a lot of p2p transactions de happen well well for Whatsapp and telegram, I believe say trusted individuals sef go run transactions and send wallet addresses through text messages.

I know say na based on trust matter de make most people to de use centralized exchanges for p2p transactions, odawise na to de use Whatsapp and telegram groups wey go guarantee privacy for people wey need am, or just de use local guys wey you know or wey person recommend. Di way wey di government restrictions de go for exchange p2p matter, e go make dis groups and escrow services to de gain popularity, aldo di disadvantage go be increased activities of scammers.

You suppose expect say government officials dey everywhere because we get them as brothers and sisters and relatives and even friends wey we dey sit with to either chill or chat.
Anyhow sha, I just believe that cryptocurrency would be given no much hassle once it becomes regulated as is being done by many countries with similar interest.

Dat wan com be like na im go pay pass as global exchanges now dey try avoid Alhaji Tinubu wahala by excluding naira pairs on their platforms. Make we continue to dey enta farm, make corn also continue to mature.

make we dey careful,I hear say Government officials tru EFCC,CBN,Nigeria police and others dey disguise to join WhatsApps,Telegram and other social media platform to spy admins and individuals that engaged in crypto activities.

This is surprising though, because how will they be able to differentiate between wallets to send coin to without making mistake when sending money to those vendors and still not understand how to use an exchange for p2p. Some are slow learners sha, but in this age that crypto has taken over everywhere and many youths are aware of it, how comes people still depend on vendors to sell their coins which they can get scammed unlike exchanges that has protocols before releasing coins for the merchants. I am sure this merchants benefit from those on the street and on those exchanges too.


If only the Nigerian government can know how much they can benefit from regularising those exchanges. The tax they’ll be getting from them will fetch them a lot of money and maybe they can use it in other sectors for the benefit of we Nigerians. All their raking on cryptocurrency is because of Naira that is devaluing which those exchanges are not the cause of it and it was also proven again after Binance was banned and naira was still devalued more after their initial game to push the dollar up. A lot of signs for them, but I don’t know why they’re neglecting what is rightly to do.

It is also noteworthy to mention that even before the introduction of Bitcoin p2p trades amongst WhatsApp group chats, the p2p transactions online began on one on one trades. I also remember back then when I used to offer p2p services for individuals, all I do then was to advertise it on my WhatsApp status to my audience and those interested or those who had friends who were interested would connect me with them and I will reach out to my school mate whom I transact with due to our relationship and the trust we've built between ourselves. I believe that's how it started for most people until people became more coordinated through creating of WhatsApp group chats to get more network of people who had the capability of taken bigger transactions and the whole business saw it's apex when the online centralized exchanges came to life.

So, this is not surprising that you could sell over a $1,000 worth of transaction through a Whatsapp group chat because if you looked at it broadly, most people who were on those platforms are most of the occasions, friends of friends who have created wide network to engage in those transactions with trust and guidelines. When Binance, was launched in Nigeria as the first crypto exchange providing the escrow services to the p2p traders, it became easier and faster to enroll a large pool of the traders onboard because there were already those platforms existing before the centralized exchanges came in.

E dey very clear now that our government no fit dey friendly to crypto, though dem never officially ban crypto for Nigeria, but i would not be surprised if that is the next thing they would do.

Naija na the first country wey i don see wey dey blame crypto for their bad economic situation, it just feels like the government is looking for scapegoats and they found one with cryptocurrency and its users. That being said, Nigerians dey very good at fighting through barriers, so i think we would still overcome this one.

The CEO in his assertions could be close to being correct in that interview because that $59b figures is just an official figure from official data as compiled. I alone have conducted many p2p trades just this year with colleagues around using my noncustodial wallet address in all of those trades with them, although there are certain persons I do reject the offer and ask to try other means or persons because I don't feel comfortable about doing any transactions with them.

So imagine many other thousands of people in other places that are running a direct p2p trades on daily basis without using a CEX, if those figures are included to the official figures as gotten it probably amounts to half a billion dollars or more.

If the Nigeria government is wise they could take advantage of cryptocurrency operations in the country create a working policy that is crypto friendly and rake profits from it as taxes than act villain as though cryptocurrency is the main cause of the naira devaluation when we have insecurity, high cost of living/production and dilapidation of infrastructures bashing on the economy which they haven't made any significant success in tackling any of those intrinsic factors but bothering themselves on the extrinsic that can be put under control by the tackling of the intrinsic problems.

E get many vendors wey i know and dem dey trade on whatsapp, some of them even have their websites (not big local exchanges), and they also trade a lot of coins there. If you dey watch comedy skits for Naija, you go see all these our comedians dey advertise different agents/vendors wey you fit trade gift card, bitcoin and different other assets, so it is true that there is a lot of trading going on outside of crypto exchanges, but the figures might have been exaggerated by Ray.

That being said, e no dey safe to trade on social media platforms, vendor fit carry your money run oh, that is the risk when you trade in this way, and that is why a lot of us here choose global exchanges.

Definitely telling the truth, when news like this was coming out and fintechs started sending out messages to people I was more like this is just on centralized exchanges, there multiple number of P2P traders that are out there in the social media platform that offers, most of which is the WhatsApp and Telegram. This is even another way people engage in arbitrage marketing. This one’s mostly buy/sell at the rates that are lower than that of centralized exchanges. It is actually smooth transaction but the problem is the risk to me is way higher than that of centralized exchanges because they do not have proper exchanges. I could remember people getting scammed on telegram P2P exchanges. All you need is to deal with someone you are more less a bit close to or know.

Thanks for the info. Read sometime ago that they're shifting to a new platform, never knew they came back to live.

this is true!
Earlier last month, I know of someone that bought some USDT in his binance through someone he has on his Whatsapp contact, according to what he said, he has like three of them and each of them have thier own different rates so all he needs to do is to look for a convenient rate and work with the person at the moment. I know it's to a very large extent that it's risky for people that are doing big amount of transactions but the whole crypto system is built on risk and trust to some extent.

The truth is that we've gone past that stage when the federal government can assume they will be able to ban crypto in it entirety. It's not going to be possible at all. Exchanges are everywhere and even if they are able to set laws that makes it deficult to use some of this popular exchange, more will be created within a short space of time that will solve the p2p needs of crypto users and even if p2p on exchange becomes deficult, the kind of community that this crypto space has built will make it easy for an alternative to spring out.

Paxful is still existing. Paxful closed down last year or so, the CEO left, and the exchange opened again and the exchange Paxful is still providing bitcoin and few other crypto products and services to Nigerians. The former CEO is now the CEO of another exchange called NoOnes and probably might be the founder.

Paxul rebranded to NoOnes and I think it has to do with the scam activities and poor services associated with the old name. A snake can shade off its skin but it's still the same snake, nothing changes.

Back to the issue, I cannot deny that people are not trading on telegram, whatsapp and other social media platforms, but c'mon... How can it be more than 10x what we have on centralized exchanges? There's no way to verify the statement and you shouldn't take his words seriously, he's obviously trying to shift government's attention away from CEXs that are offering P2P services to Nigerians.